Transfer of Title

Question 1

Voluntary Alienation

Answer 1

may be accomplished by gift, sale, or dedication involving a type of deed.

Question 2

Deed

Answer 2

a written instrument intentionally conveying right, title or interest in real estate from a grantor or grantee

Question 3

Requirements of Valid Conveyance

Answer 3

legally capable grantor (legal and sound mind), grantee, granting or premises clause, habendum clause consideration, property description, limitations, grantors signature

Question 4

Habendem Clause

Answer 4

defines or limits the ownership being conveyed. Any limitations to the estate should be included in this clause. It must agree with the granting clause. If there is a difference, the granting clause will take precedence.

Question 5

Consideration

Answer 5

anything of value agreed to by the parties, such as good consideration (love, affection), or valuable consideration (money)

Question 6

Property Description

Answer 6

SC does not require a legal property description

Question 7

Limitations

Answer 7

Exceptions, reservations, restrictions

Question 8

Grantors signature

Answer 8

Grantor only signs the deed. In some cases where there is a deed restriction, the grantee signs the deed.

Question 9

Types of Deeds

Answer 9

General Warranty Deed, Special Warranty Deed, Bargain and Sale Deed, Quiet Claim Deed

Question 10

General Warranty Deed

Answer 10

provides the greatest protection for grantee. Puts the most liability on the grantor. He guarantees to be accountable for all claims during and prior to his ownership. The seller is bound by 5 covenants.

Question 11

5 Seller Bound Covenants

Answer 11

Seizen/Seisen, Against encumbrances, Quiet Enjoyment, Further Assurance, Warranty Offer

Question 12

Seizen/Seisen

Answer 12

covenant where the grantor warrant that he/she has fee simple tittle with power and right to convey the title. (Legal right to transfer the property)

Question 13

Against Encumbrances

Answer 13

grantor warrants that the property is free from liens and encumbrances except those specifically stated in the deed. (mortgages, mechanic liens and easements)

Question 14

Quiet Enjoyment

Answer 14

warrants that title is good against third parties who might bring court action to establish superior title to the property

Question 15

Further Assistance

Answer 15

grantor promises to deliver any instrument needed to order to make the title good

Question 16

Warranty forever

Answer 16

grantor guarantees that if anything in the future the title fails, the grantor will compensate the grantee for the loss - no time limit

Question 17

Special Warranty Deed

Answer 17

the grantor warrants or guarantees the title only against defects arising during the period of his or her tenure and ownership of the property and not against defects existing before that time. Usually used by fiduciaries such a trustees, executors, and corporations who have o authority to warrant against predecessors

Question 18

Bargain and Sale Deed

Answer 18

Grantor covenants that the title is valid but may or may not warrant against encumbrances or promises to defend against claims of other parties. Grantee is receiving the deed “as is”

Question 19

Quiet Claim Deed

Answer 19

provides least protection to grantee. It carries no covenant, warranties or guarantees. Conveys present or suspected (possible) interest that the grantor may have. Does nt necessarily convey property, but grantors right of title or interest.

Question 20

Special Purpose Deeds

Answer 20

Deed in Trust, Administrators Deed, Executors Deed, Guardians Deed, Sheriffs Deed, Tax Deed

Question 21

Deed in Trust

Answer 21

the trustor (grantor) conveys real estate to a trustee usually to establish a land trust. The trustees power to sell, mortgage and subdivide are controlled by the beneficiary under the provisions of the trust agreement

Question 22

Administrators Deed

Answer 22

When a person died intestate, the court appoints an administrator to dispose of the deceased persons assets. This deed is used to convey title to purchasers of the real estate.

Question 23

Executors Deed

Answer 23

When a person died intestate, the court appoints an administrator to dispose of the deceased persons assets. This deed is used to convey title to purchasers of the real estate.

Question 24

Guardians Deed

Answer 24

The court may appoint a guardian to administer the assets of a legally competent person

Question 25

Sheriffs Deed

Answer 25

Used to transfer property sold by the court to satisfy a judgement

Question 26

Tax Deed

Answer 26

used to convey title property sold for delinquent taxes

Question 27

Acknowledgement

Answer 27

a voluntary declaration before a notary public or officer of the court. This verifies that the grantors signature is both genuine and voluntarily given. It is necessary for a valid recording of a deed but recording is not necessary to have a valid deed. Recording gives constructive notice of an owners interest in the proposers. Unrecorded deeds ARE VALID

Question 28

Transfer by Involuntary Alienation

Answer 28

Eminent Domain, Escheat, Tax Sale, Foreclosure, Forced Sale (liens), Adverse Possession, Accretion (only occurs when there is a successful claim of ownership in an easement by prescription situation), Avulsion

Question 29

Transfer by WILL

Answer 29

involves the testator voluntarily conveying property after his/her death. A will takes effect only AFTER the death of the maker of the will. The heirs have no right or privileges as long as the testator lives. Dying with a will- testate, dying without a will- intestate

Question 30

Land requirements of a will

Answer 30

legal age (18 in SC), sound mind, proper wording, no undue influence, witnesses (2 or more)

Question 31

Testate // Intestate

Answer 31

person dying having a will ; person dying without having a will

Question 32

Devise

Answer 32

Gift of real property in a will.

Question 33

Bequest

Answer 33

gift of personal property in a will (legacy)

Question 34

Testator, testatrix

Answer 34

Male or female or makes a will. -trix is FEMALE

Question 35

Probate Court

Answer 35

sees to proper execution of wills and estates

Question 36

Personal Representative

Answer 36

in SC, the term is used to indicate a person appointed by the Probate Court or designated in a will to carry out the settlement in an estate

Question 37

Executor, executrix

Answer 37

person designated in will to handle estate settlement. -TRIX is female

Question 38

Administrator, administratrix

Answer 38

male or female appointed by the probate court to handle estate settlement. -trix is FEMALE

Question 39

Transfer by Descent

Answer 39

involves a person dying intestate - without a will

Question 40

Documentary stamps

Answer 40

(deed stamps) are necessary for recording. $3.70 per $1000 or $1.85 per $500 of the sales price in SC. The seller usually pays this typical closing cost

Question 41

Bill of Sale

Answer 41

transfers title of personal property, as opposed to a deed, which transfers title to real property.

Question 42

Codicil

Answer 42

a supplement or an addition to a will, executed with the same formalities as a will, which normally does not revoke the entire will.

Question 43

Holographic will

Answer 43

A will that is written, dated ad signed in the testators handwriting.

Question 44

Noncupative Will

Answer 44

"Death bed will" - an oral will declared by the testator in his or her final illness, made before witnesses and afterward reduced to writing.

Question 45

Patent

Answer 45

A grant of franchise of land from the United States Government

Question 46

Reconveyance Deed

Answer 46

A deed used by a trustee under a deed of trust to return title to the trustor

Question 47

Release Deed

Answer 47

A deed in which the grantor warrants, or guarantees the title only against defects arising during the period of his or her tenure and ownership of the property and not against defects existing before that time, generally using the language, "by, through, or under the grantor but not otherwise"